Surety Bond News

The state of South Dakota has enacted a new surety bond claim procedure for warehouseman bonds. The new law is labeled HB 1036 and modifies the claim procedure for bonds obtained by grain warehousemen. The present legislation requires anyone who intends to file a claim on a grain warehousemen’s bond to inform the Public Utilities Commission while the individual activating a claim can only advance if the Commission isn’t instituting a claim on the bond. HB 1036 requires the Commission to respond in writing within 60 days of word from anyone attempting to file a claim on the bond; if the Commission doesn’t reply, the individual claimant is allowed to take action on the bond regardless.

A couple of surety bond requirements were eliminated in Texas due to a new law. The new law is named HB 3167/SB 1168 and removes the law requiring bonds in the amount of $10,000 and $5,000 for talent agencies and personnel services respectively.

Credit service organizations must follow special surety rules in Texas thanks to a new law. The new law is titled HB 2594 and requires credit service organizations who participate in deferred presentment transactions or motor vehicle title loans to acquire a surety bond. The required bond must be in the lesser amount of $10,000 for the first licensed location and $10,000 for any additional license, or $2.5 million. Credit service organizations who obtain this bond no longer need to obtain the bond required of all credit service organizations.

The state of South Dakota has enacted a new bill which removes a surety bond requirement. The bill is named HB 1016 and removes the bond requirement needed for the commercial use of a state logo. Originally, a surety bond was required in order to commercially use a state logo.

Texas has added new surety legislation concerning advertising signs. The new law is named SB 1420 and requires a $2,500 surety bond in order to obtain licensure for installation of off-premise advertising signs. The bonds will be in place to guarantee compliance with state law.